Pan Asia Bank Records Best-Ever Q1 results in Challenging Times – Profit After Tax soars by 81% to post Rs. 750 Mn.
May, 4, 2021
Net Fee and Commission Income - Rs. 466 Mn, up by 28%
Other Operating Income - Rs. 179 Mn, up by 141%
Operating Profits up by 47% to post Rs. 1,197 Mn owing to overall excellent core banking performance and success of cost containment strategies
Operating Efficiency enhances as Cost-to-Income Ratio improves from 45.66% to 38.08%
Profit Before Tax - 986 Mn, up by 51% despite increased prudential provisioning
Key Profitability Indicators are among the best in the industry
Net Interest Margin improves from 4.41% to 07%
Return on Assets (Pre-Tax) improves from 1.70% to 24%
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Seylan Bank made a steady start in 2021 by posting a Profit After Tax (PAT) of LKR 1bn in Q1 2021 amidst macro-economic challenges brought in by the COVID-19 pandemic.
Interest income recorded a decline due to the lower interest rates and moderate book growth but net interest margin showed a marginal increase over the corresponding period in 2020 due to lower financing costs.
Net Fee & Commission Income increased marginally to LKR 1.2bn from LKR 1.0bn, recording a YoY growth of 17.41% due to enhanced trade and guarantee volumes compared to the previous year.
The Total Operating Income growth of 22.25% predominantly driven by net gains reported from de-recognition of financial assets which increased to LKR 185.2mn from LKR 69.6mn in 1Q 2020 and the other operating income increased by LKR 858.8Mn mainly due to increase in exchange income. On the flip side, trading activities reported a loss of LKR 611.4mn mainly due to market to market loss on derivatives which contracted the operat
Pan Asia Bank, has been inspiring its employees to make their personal contributions to spreading joy and hope by launching a variety of initiatives to have a positive impact on the society and environment. As one of the most motivated and professional teams in the banking industry, Team Pan Asia Bank succeeded in implementing some impactful initiatives to commemorate the Bank’s 25th anniversary despite the pandemic.
As part of the bank’s anniversary celebrations, a special tree planting was organised under the theme,‘Plant a tree’ by Team HR in the Hanthane Forest Range, Southern expressway, and in schools and public places across the island. After invoking the blessings of Maha Sangha, over 300 plants were planted in the Hanthane Forest Range with the participation of the Director/CEO of Pan Asia Bank, Nimal Tillekeratne. Over 500 plants were planted under this CSR campaign which was aimed at promoting a ‘green future’ in Sri Lanka while taking appropriate measures to